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v2.4.0.6
Income Taxes
12 Months Ended
Apr. 30, 2012
Income Taxes [Abstract]  
Income Taxes

Note 4—Income Taxes

Income tax expense consisted of the following:

 

                         

$ in thousands

  2012     2011     2010  

Current tax expense (benefit):

                       

Federal

  $ 247      $ 300      $ 1,680   

State and local

    63        124        419   

Foreign

    838        185        226   
   

 

 

   

 

 

   

 

 

 

Total current tax expense

     1,148        609        2,325   
   

 

 

   

 

 

   

 

 

 

Deferred tax expense (benefit):

                       

Federal

    (338)       170        (611)  

State and local

    (12)       83        78   

Foreign

    (59)             129   
   

 

 

   

 

 

   

 

 

 

Total deferred tax expense

    (409)       255        (404)  
   

 

 

   

 

 

   

 

 

 

Net income tax expense

  $ 739      $     864      $  1,921   
   

 

 

   

 

 

   

 

 

 

The reasons for the differences between the above net income tax expense and the amounts computed by applying the statutory federal income tax rates to earnings before income taxes are as follows:

 

                         

$ in thousands

  2012     2011     2010  

Income tax expense at statutory rate

  $     863      $  1,007      $ 1,928   

State and local taxes, net of federal income tax benefit (expense)

          96        234   

Tax credits (state, net of federal benefit)

    (76)       (122)       (227)  

Effects of differing US and foreign tax rates

    (61)       (155)       48   

Increase in valuation allowance

    73        —          —     

Other items, net

    (63)       38        (62)  
   

 

 

   

 

 

   

 

 

 

Net income tax expense

  $ 739      $ 864      $  1,921   
   

 

 

   

 

 

   

 

 

 

Significant items comprising deferred tax assets and liabilities as of April 30 were as follows:

 

                 

$ in thousands

  2012     2011  

Deferred tax assets:

               

Accrued employee benefit expenses

  $ 480      $ 366   

Allowance for doubtful accounts

    95        97   

Deferred compensation

    1,446        1,449   

Tax credits

    375        423   

Unrecognized actuarial loss, defined benefit plans

    4,146        3,075   

Other

    93        (25)  
   

 

 

   

 

 

 

Total deferred tax assets

    6,635        5,385   
   

 

 

   

 

 

 

Deferred tax liabilities:

               

Book basis in excess of tax basis of property, plant and equipment

    (2,166)       (2,370)  

Prepaid pension

    (2,180)       (2,161)  

Other

    153        (24)  
   

 

 

   

 

 

 

Total deferred tax liabilities

    (4,193)       (4,555)  
   

 

 

   

 

 

 

Less: valuation allowance

    (73)       —     
   

 

 

   

 

 

 

Net deferred tax assets (liabilities)

  $ 2,369      $ 830   
   

 

 

   

 

 

 

Deferred tax assets classified in the balance sheet:

               

Current

  $ 713      $ 431   

Long-term

    1,656        399   
   

 

 

   

 

 

 

Net deferred tax assets (liabilities)

  $ 2,369      $ 830   
   

 

 

   

 

 

 

 

At April 30, 2012, the Company had federal tax credit carryforwards in the amount of $63,000 expiring beginning in 2020 and state tax credit carryforwards in the amount of $311,000, net of federal benefit, expiring beginning in 2013. After a review of the expiration schedule of the tax credits and future taxable income required to utilize such credits before their expiration, a valuation allowance of $73,000 was recorded at April 30, 2012.